India’s Manufacturing Challenge- Background, Significance & Reasons
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The recent 2022-23 GDP numbers have yet again revealed the weakness of the Indian manufacturing sector. Its 1.3% growth is lower than that of all other segments of the Indian economy.
Background:
- According to the standard model of economic development, successful economies usually progress from being agriculture-dominated to manufacturing-dominated and then eventually, service-dominated.
- India’s case is an interesting outlier in that its service sector leapfrogged over industrial expansion to propel the economy.
- In the recent times, the policymakers have been looking to boost India’s manufacturing sector to realize its potential to fuel the economy at a time when India is facing significant levels o
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